SECOND QUARTER HIGHLIGHTS 

• EBITDA of USD 21.8 million for the second quarter and USD 36.5 million for the first-half 2020
• Safeguarding people, operations and assets amid COVID-19 pandemic
• Deferred completion of Tortue Phase 2 wells DTM-6H and DTM-7H due to COVID-19 restrictions to performance of work
• Q2 2020 gross production of 1.455 million barrels or ~16,000 bbls/day gross
• Strong cash position of USD 127.6 million

EBITDA for the second quarter of 2020 was USD 21.8 million, up from USD 14.8 million in the first quarter of 2020 due to increased oil sales and realised oil price.

Dussafu daily operations continue to perform in line with expectations with four wells (DTM-2H, DTM-3H, DTM-4H and DTM-5H) producing at a current rate of approximately 18,000 bbls/day (gross) of oil to the FPSO BW Adolo.

Gross production from Tortue averaged 15,991 bbls/day for the second quarter of 2020 and total gross production was 1,455,230 bbls of oil. One lifting was completed by BW Energy in the quarter realising an average price of about USD 41 per barrel. Production cost (excluding royalty) was USD 17 per barrel. The Company sold 532,357 barrels of oil net in Q2 2020 compared to 427,647 barrels net in Q1 2020.

“Our priorities are to keep people safe, maintain stable operations and ensure financial robustness to pursue value-accretive growth opportunities,” says Carl K. Arnet, CEO of BW Energy. “We have responded decisively to changing market conditions and challenges posed by the COVID-19 pandemic. At the same time, we stand ready to resume activity on the Dussafu license as we further mature and optimise development plans.”

Total Dussafu production for 2020 is projected to be 15,000 – 16,000 barrels per day (gross) based on four producing wells, compared to 11,800 barrels per day on average in 2019. OPEX per barrel is expected to decrease to approximately USD 17-18 per barrel, compared to USD 21 per barrel on average for 2019. The connection and completion of the last two Tortue wells (DTM-6H and DTM-7H) have been deferred to early 2021 with first oil expected in Q2 2021. The Ruche project will be reactivated as current COVID-19 challenges are resolved.

KeyFacts Energy: BW Offshore GABON country profile